Lilium’s insolvency administrator Pluta says it has still not received the necessary bank guarantee from would-be buyer Ambitious Air Mobility Group (AAMG), despite the latter’s assertion that the acquisition is moving forward.

The two sides have been at loggerheads since early August when AAMG first flagged its interest in acquiring the collapsed electric vertical take-off and landing aircraft developer’s assets.

Pluta has consistently stressed that in order for the acquisition to proceed, any buyer must first show proof of funding by depositing the intended purchase price in an escrow account, something that AAMG has so far been unable to do.

But AAMG on 18 September went so far as to issue a press release saying that it had finally concluded a “trust agreement” with Pluta and had received a draft asset purchase agreement detailing which of Lilium’s assets are included in the sale.

Describing it as a “crucial step forward” in the acquisition process, AAMG chief executive and senior partner Dr Robert Kamp says: “We have waited a long time to learn what is actually for sale.

“We still have major concerns, which we are currently reviewing with our lawyers to address and agree on guarantees. If we succeed, we will weigh the opportunities and risks.”

However, Pluta insists that nothing has fundamentally changed: “The requested bank guarantee has still not yet been submitted,” it says.

“This is an important prerequisite for the purchase contract negotiations” insisting the move is “standard practice” in such situations.

FlightGlobal understands that AAMG has been in possession of the draft contract for several weeks, leaving the insolvency firm puzzled at the timing and contents of the release.

Kamp points to “recent developments regarding Lilium’s assets” coupled with “the significant capital outlay” as reasons for it remaining “cautious with this transaction”.

The reference to “recent developments” is likely a nod to the rapidly completed sale of Lilium’s battery production facility to electric aircraft developer Vaeridion.

AAMG has indicated it is backed by €250 million in “committed capital”, with access to a further €500 million, to revive development of the Lilium Jet.

Despite the public pronouncements little is known about the company or its backers.